17 March
By QRIDA Regional Area Manager for North Queensland, Angelo Rigano
The cane may be crushed and the crops harvested, but there's still important work to do on the farm to improve the long-term productivity and profitability of your operation.
The off-season is the perfect time to analyse your farm's past performance, undertake maintenance and repairs, and set informed goals and budgets before the next planting. Here's five important questions every grower should ask themselves to help guide their farm business planning:
1.What's your plan for the farm once you retire?
If you’re hoping to pass your farm business down to your children, you should begin your succession planning several years before your retirement. Early planning helps to ensure a smooth transition including securing ongoing financial stability and effective farm management, as well as reducing the possibility of any conflict.
2.How efficient is your on-farm energy use?
Determine your farm’s energy efficiency by reviewing previous power usage and bills. Once you have a good understanding of your farm’s energy usage and costs, you can plan any improvements you may need to make such as upgrading to solar and optimising pumps.
3.How reliable and productive is your equipment and machinery?
If you noticed a drop in productivity or had to undertake costly repairs last season, it may be time to upgrade your farm equipment and machinery. Investing in new equipment and machinery, especially ag tech, can help improve safety, efficiency and accuracy, as well as reducing operating costs.
4.How resilient is your operation to disasters and drought?
If your farm was impacted by a recent disaster, it’s important to start clean-up and recovery activities as soon as it’s safe to do so to prevent any further damage to your operation and productivity losses. It’s also important to continually prepare for future disasters and drought through measures such as upgrading on-farm infrastructure.
5.What's the housing availability like for farm workers in your area?
North Queensland’s housing vacancy rates remain low and prices high, making it challenging to secure accommodation for workers. Many producers are developing their own housing solutions for workers by constructing on-farm accommodation which has also been found to boost staff morale and improve productivity.
The good news is every on-farm upgrade mentioned above –carrying out succession plans, improving your farm’s energy efficiency, upgrading equipment and machinery, improving the climate resilience of your operation, and constructing rural worker accommodation – can be funded with a concessional loan from QRIDA.
Even better, for some on-farm activities, including preparing for drought and recovering from disasters, you could be eligible for a grant through QRIDA.
Contact me on 0408 180 644 to find out more about how you can make the most of the off-season by investing in your farm’s future success with QRIDA’s financial assistance.
